In most of the cities, you will find the traffic police department conducting regular drives to catch hold of bikers riding without valid bike insurance. While some bikers may find this a bit inconvenient, there is a strong reason behind these checks. According to the Motor Vehicles Act of 1988, riding without third party insurance for bike is illegal.
If you are someone who likes to ride their bike a lot, doing so without a third party bike insurance at least, can bring a lot of trouble. Apart from the obvious legal clearance, the policy can protect you from other potential hazards. Hazards such as natural calamities, man-made nuances, and many more situations.
At times, in a bid to save some money on the insurance premiums, people tend to buy them from unknown sources. While you might not see a difference right away, the claims period can prove to be quite challenging. Here are some ways to find out if your bike insurance policy is valid or not.
#1 Speak with your insurer
If you feel that a policy is not genuine in the first place, reaching out to the insurer is the easiest way to find out. You can reach out to almost all the major insurers in the country either via toll-free numbers or by dropping an email. You can always drop into the nearest branch as well.
It is recommended to make it a habit to ask for receipts for any financial transactions. If you ask, companies will provide separate receipts for payment of insurance premiums. In the event that you are buying the policy from an agent, make sure that you receive a receipt for the same.
#3 Check for details
Once you get a policy, ensure to go through the details carefully. Details such as the Insured Declared Value (IDV) of your bike, no claims bonus (NCB) if any and issue date is some common entities that you must check.
Another good habit to inculcate when it comes to financial transactions or insurance as a whole is to always sign on the proposal forms yourself. Do not let anyone else sign the documents on your behalf. It is important to read through the features and benefits of the policy while signing the proposal form.
#5 Check the Insurer
If you have purchased a policy from an unverified source, it is important to check if the insurer exists in the first place. The easiest way to do so is by visiting IRDAI i.e. Insurance Regulatory and Development Authority of India’s website. There are about 33 insurance companies in the country that deal with general insurance policies.
Some of the major insurers offer verification links on the websites. Only after you validate this purchase by visiting the link, will your purchase be complete. This way, you can be certain that the policy that you are about to buy is genuine.
#7 Credible Source
For the bike owners who want to avoid any confusion, buying their policies from credible sources such as Acko General Insurance can guarantee complete peace of mind.
#8 Low Premium
It is quite common to see people looking for the lowest available premium for their bike insurance policy. If you come across a person offering really low premiums, take a quick look at the features and benefits on offer.
#9 Online Payment
It is recommended to buy policies from credible sources. And it gets better if the payment mode is online. Online payments are secured and will ensure that you are not being duped. If you are someone who is comfortable with using cheques, make it a point to always write the name of the insurer and not an agent or individual.
#10 Proposal Form
Whether you are looking for bike insurance renewal or to buy a new bike insurance policy, it is important that you fill in the details on the proposal form as accurately as possible. Missing out minor details such as engine capacity or exact model name can cause some trouble down the line.
The above points act as a precautionary step to ensure that you do not end up with a bike insurance policy renewal that is not genuine.
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